"Over the years, risk analysis methodologies have been developed and implemented by many industries. NASA has implemented a cost efficient Continuous Risk Analysis methodology with good results. The U. S. Department of Transportation also states that a continuous risk analysis is the key in identifying, addressing, and handling risks before they become threats to success. However, current practices seldom incorporate this concept into real transportation projects. In general, risk is simply disregarded in feasibility studies. One of primary reasons is the lack of a feasible and effective risk analysis approach to guide efficient implementation in real projects. This thesis reviews current risk analysis practices used in public transportation projects. Using a case study, it also explores potential obstacles encountered in the implementation of systematic risk analysis. Finally, this thesis presents a preliminary risk analysis framework developed through the case study and enriched subsequently by incorporating material documented in the literature. The proposed risk analysis approach is to help achieve continuous risk analysis in transportation projects by enabling early start, frequent implementation, extensive application and flexible adoption."